Steps in the audit process questions and answers

Steps in the audit process questions and answers First the auditor must decide what type(s) of audit to conduct - Correct Answer Internal vs external Focused vs random Prospective vs retrospective Peer After deciding on what type of audit to perform, ... - Correct Answer the type of audit and the reason for the audit must be considered Step one (1) - Correct Answer Determine the scope, or what services will be a part of the audit The scope of an audit determines - Correct Answer the range of activities and the period of time The Institute of Internal Auditors defines the audit objectives as - Correct Answer Audit objectives represent 1) the high-level goals and anticipated accomplishments of the review and 2) address controls and risks associated with the client's activity The Institute of Internal Auditors defines the audit scope as - Correct Answer the parameters to be used toward achieving the audit objectives. The scope also defines what will NOT - Correct Answer be a part of the audit. *This is important so that the outcomes do not reflect misleading information **ALWAYS state a - Correct Answer clear purpose (objective) for an audit, and